Are you a real estate investor or rehabber looking to make a profit by purchasing distressed properties and renovating them for resale? Look no further than our Fix & Flip Residential Loan Program. Designed specifically for active rehabbers in California, this program offers a range of benefits and flexible lending criteria to help you achieve your real estate goals. In this blog post, we will delve into the details of this Fix and Flip Loan program, outlining its features and explaining why Mortgage Vintage, Inc. is the ideal partner for your fix and flip endeavors.
The Program:
Our fix and flip loans cater to real estate investors and rehabbers who intend to purchase properties and sell them within a year. The program focuses on rehabbers with a proven track record in acquiring distressed properties, successfully renovating them, and selling them at a profit within 12 months. To ensure manageable rehab costs, the property improvements should be within the capability of the rehabber.
Lending Criteria & Guidelines:
- Loan Amounts: Our loans range from $50,000 to $3,500,000 or more, providing flexibility to investors of varying scales.
- Property Type: We primarily finance residential properties consisting of 1-4 units, aligning with the needs of most rehab projects.
- Loan Type: Our loans are specifically tailored for property purchases.
- Loan-to-Value (LTV): We offer up to 70% of the purchase price as the LTV, while our Loan-to-Cost (LTC) program allows up to 75% of the purchase price and 75% of the rehab cost, with an upper limit of 65% of the After Repair Value (ARV).
- Terms: The loan term is set at 12 months with a balloon payment and interest-only or amortizing payments
- Underwriting: Our underwriting process is equity-driven, considering bank statements to ensure ability to pay. Self Employed and Stated income borrowers ok. No tax returns required.
- Property Valuation: An Appraisal is conducted to assess the After Repair Value
- Interest Rates: We offer competitive interest rates starting from 9.99% to 11.99% depending on the Loan to Value and Loan to Cost. For this rehab financing, the rates should not exceed 65% of the ARV.
- Points & Fees: Our fees include 2+ points along with underwriting and valuation costs amounting to $2,995.
- Timeline to Fund: Typically, we aim to fund loans within 7-10 business days, providing quick access to capital.
- Funds Control: To ensure smooth transactions, we require funds control should we be using the After Repair Value with a substantial construction element
- Guaranteed Interest: The borrower must guarantee a minimum of 3 payments that will be made.
- “Yes, We Can!”: This Fix and Flip loan program caters to real estate investor professionals that perform 2+ flips/year
Why Choose Mortgage Vintage, Inc.?
Mortgage Vintage, Inc. stands out as a direct hard money lender that specializes in originating and funding business purpose loans for real estate investors and business owners. Here’s why we are the preferred choice for your fix and flip projects:
- Same Day Term Sheets: We provide prompt term sheets, ensuring you receive a clear understanding of the loan terms quickly.
- Professional Service: Our team is committed to delivering professional and personalized service, assisting you throughout the loan process.
- Easy Loan Submission and Quick Turnaround: We have streamlined our loan submission process, allowing for quick turnaround times.
- Fast, Flexible, and Transparent: Our loan process is designed to be fast, flexible, and transparent, ensuring a smooth borrowing experience.
- Financial Industry Experience: With over 40 years of experience in the financial services industry, we possess the expertise to cater to your specific needs.
- Funding Based on Committed Terms: We are dedicated to funding loans based on the terms committed to, providing you with certainty throughout the process.
- Surety of Funding: Through CrowdTrustDeed’s simple and secure online marketplace, we typically fund when others can’t.
- Se Habla Español: We have a bilingual team that can assist you in Spanish, making communication effortless.
If you’re an active rehabber in California seeking financing for your fix and flip projects, our Fix & Flip Residential Loan Program offers an array of benefits and flexible criteria. Mortgage Vintage, Inc. serves as your trusted partner for your real estate investments. A partnership with Mortgage Vintage and CrowdTrustDeed provides Fix and Flippers with a fast and professional loan capability that will help to ensure the ultimate success of the project. Unlock your real estate potential with our fix and flip loans today!
Disclaimer: The information provided in this blog post is for informational purposes only and should not be considered as financial or legal advice. Please consult with professionals before making any financial decisions.